“the Economic Challenges Zimbabwe Is Currently Facing Are Due to the Illegal Sanctions.” Discuss. Essay

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“The economic challenges Zimbabwe is currently facing are due to the illegal sanctions.”

Introduction
Zimbabwe has been for the past decade facing serious economic challenges and these have been attributed to a number of factors amongst which the infamous “illegal sanctions” plays a major role.

While it is imperative to acknowledge that prior to being subjected to the illegal sanctions the Zimbabwean economy had already been on a gradual downward trend since the late 90s, it is important to note that the advent of the illegal sanctions in 2001 brought about a dramatic worsening of the national economy.

On May 4, 2009 the Minister of Finance Mr. Tendai Biti announced: “The World Bank has right now billions of dollars that we have to access, but we can’t access those dollars unless we have dealt with and normalised our relationship with the IMF. We cannot normalize our relations with the IMF because of the voting power, it’s a blocking voting power of America and people who represent America on that (IMF) board cannot vote differently because of ZIDERA…”(The Sunday Mail, 11/11/2009).

The above statement leaves one with no doubt that the economic challenges that Zimbabwe is currently facing are a result of the illegal sanctions. Or at the very least, the country cannot get help to get her economy out of the woods because of the illegal sanctions.

Zimbabwe is a developing country. It cannot do without the assistance of these international financial institutions especially given that even developed countries tap into the services of international financial institutions to sustain their economies.

Ironically, the Zimbabwe Democracy and Economic Recovery Act of 2001 was a brainchild of the Movement for Democratic Change (MDC). MDC is a political party that was then (in 2001) still in its infancy stage and naïve, sought to gain political power using unorthodox means. The MDC drafted the Zimbabwe Democracy and Economic Recovery Bill and approached...

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